Wolfspeed (NYSE:WOLF) Stock Price Up 10.3% – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF)’s stock price traded up 10.3% during trading on Monday . The stock traded as high as $10.48 and last traded at $10.42. 2,813,071 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 7,263,899 shares. The stock had previously closed at $9.45.

Wall Street Analyst Weigh In

Several research firms have weighed in on WOLF. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Wolfspeed from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, August 22nd. JPMorgan Chase & Co. dropped their price objective on Wolfspeed from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group reduced their price target on Wolfspeed from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Morgan Stanley upped their price target on shares of Wolfspeed from $10.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, Susquehanna dropped their price objective on Wolfspeed from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.21.

Wolfspeed Price Performance

The stock has a market capitalization of $1.36 billion, a P/E ratio of -1.75 and a beta of 1.38. The company has a debt-to-equity ratio of 9.82, a quick ratio of 2.54 and a current ratio of 3.14. The stock has a 50-day simple moving average of $10.92 and a 200 day simple moving average of $15.60.

Insider Activity

In related news, Chairman Thomas H. Werner acquired 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $6.53 per share, for a total transaction of $244,875.00. Following the completion of the acquisition, the chairman now owns 108,549 shares of the company’s stock, valued at $708,824.97. This trade represents a 52.78 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Darren R. Jackson bought 36,975 shares of Wolfspeed stock in a transaction on Wednesday, November 20th. The shares were bought at an average price of $6.76 per share, for a total transaction of $249,951.00. Following the acquisition, the director now owns 85,996 shares of the company’s stock, valued at approximately $581,332.96. The trade was a 75.43 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 78,067 shares of company stock valued at $524,747. 0.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wolfspeed

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mather Group LLC. increased its position in shares of Wolfspeed by 385.5% in the second quarter. Mather Group LLC. now owns 1,175 shares of the company’s stock valued at $27,000 after acquiring an additional 933 shares during the last quarter. SG Americas Securities LLC grew its position in Wolfspeed by 41.0% during the second quarter. SG Americas Securities LLC now owns 17,708 shares of the company’s stock worth $403,000 after buying an additional 5,153 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Wolfspeed by 6.2% in the second quarter. Nisa Investment Advisors LLC now owns 29,470 shares of the company’s stock valued at $671,000 after purchasing an additional 1,722 shares in the last quarter. Slow Capital Inc. lifted its stake in Wolfspeed by 12.4% during the second quarter. Slow Capital Inc. now owns 137,389 shares of the company’s stock worth $3,127,000 after purchasing an additional 15,137 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Wolfspeed by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,177,332 shares of the company’s stock valued at $26,796,000 after purchasing an additional 147,527 shares during the last quarter.

About Wolfspeed

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.